Slices or hotspots will work. I prefer slices though some prefer the hotspots. I guess its what your use to.
Anyways, in photoshop use the slice tool and drag out a box around the area you want to have the link.
Now use the slice select tool even though the slice may still be selected this will bring up some options in the top tool bar.
Clicking the icon just to the right of the show auto slices will bring up the slice options. here you can add your url plus any other info thats needed.
Once your done use the save for wen and devices. Here you need to specify that you want to save images and html. Also make sure you save the entire image. Not just the selected slice.
With a text editor you can open the html page that photoshop create and you can see how links are created.
They are nothing more than html tags that point to the slice and a url. There is nothing added to the image(s).
Just in case you have problems finding the tag look for something like the following:

<a href="http://www.example.com <http://www.example.com>"><img src="http://www.example.com/folder/image.jpg <http://www.example.com/folder/image.jpg>">Some optional text</a>

First tag is the hyperlink, second tag is the image, third tag closes the first tag. Second tag does not need closing unless you use xhtml in that case the second tag would be like <img src="http://www.example.com/folder/image.jpg <http://www.example.com/folder/image.jpg> />

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